Steven Bellon
About Steven Bellon
Steven Bellon, Ph.D., is Chief Scientific Officer (CSO) of Foghorn Therapeutics (FHTX), a role he has held since January 2022 after progressing from SVP Drug Discovery (2019) and VP Drug Discovery (2016). He previously built the structural biology group and bromodomain platform at Constellation Pharmaceuticals and held scientific leadership roles at Amgen and Vertex. He holds a B.S. from Haverford College and a Ph.D. from MIT; age 60 as of May 2025 . Business performance context: FHTX reported lower revenue and a modest EBITDA improvement in FY 2024 vs FY 2023.
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenue (USD) | $34,155,000 | $22,602,000 |
| EBITDA (USD) | -$104,455,000* | -$97,165,000* |
Values retrieved from S&P Global for EBITDA.*
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Foghorn Therapeutics | Chief Scientific Officer | Jan 2022–Present | Leads discovery strategy and portfolio; internal promotion from SVP/VP Drug Discovery |
| Foghorn Therapeutics | SVP, Drug Discovery | Oct 2019–Jan 2022 | Built early discovery capabilities; progressed to CSO |
| Foghorn Therapeutics | VP, Drug Discovery | Jun 2016–Oct 2019 | Established discovery programs/platforms |
| Constellation Pharmaceuticals | Senior/Executive Director | Sep 2008–Jun 2016 | Built structural biology group and bromodomain platform |
| Amgen; Vertex Pharmaceuticals | Scientific roles | Prior to 2008 | Large-cap biotech discovery experience |
External Roles
- No public-company directorships or current external governance roles disclosed for Bellon in the company’s executive biographies .
Fixed Compensation
| Component | 2023 | 2024 | Notes |
|---|---|---|---|
| Base salary | $445,000 | $485,000 | Base increased in 2024 |
| Target annual bonus % of salary | 40% | 40% | Per amended letter agreement |
Performance Compensation
| Metric/Plan (Year) | Weighting | Target | Actual | Payout | Vesting/Timing |
|---|---|---|---|---|---|
| Annual cash bonus (2023) | Not disclosed (corporate goals) | 40% of salary | Corporate goals tied to capital raising, recruitment, pipeline and R&D targets | 70% of target; $124,600 paid | Paid following FY close |
Notes:
- Company, not individual, metrics disclosed for NEO bonuses in 2023; no 2024 Bellon bonus disclosure (he was not an NEO in 2024 proxy) .
Equity Ownership & Alignment
- Insider policy prohibits hedging, short sales, derivatives, margin accounts, and pledging of company stock by directors, officers and employees—reducing misalignment/forced-sale risk .
- Clawback policy (Dodd-Frank compliant) applies to current/former executive officers for incentive comp tied to financial results upon restatement .
- Retirement/deferred comp: Company offers 401(k) with employer contribution; no other qualified/non-qualified retirement or deferred compensation programs .
Beneficial ownership (as of April 26, 2024)
| Item | Shares |
|---|---|
| Shares owned directly | 171,957 |
| Options exercisable within 60 days | 247,803 |
| Total beneficial ownership | 419,760 |
| Shares outstanding (same date) | 42,585,616 |
| Ownership as % of outstanding | ≈0.99% (derived from cited values) |
Outstanding equity awards (as of Dec 31, 2023)
| Grant (option to buy) | Exercisable (#) | Unexercisable (#) | Exercise price | Expiry | Vesting footnote |
|---|---|---|---|---|---|
| 2/13/2019 | 3,716 | — | $3.72 | 2/12/2029 | 25% at 1-year; 6.25% quarterly thereafter (7) |
| 8/18/2020 | 21,622 | 8,108 | $8.77 | 8/17/2030 | As above (8) |
| 8/20/2020 | 52,702 | 12,162 | $8.77 | 8/20/2030 | As above (9) |
| 1/28/2021 | 34,375 | 15,625 | $16.63 | 1/27/2031 | As above (10) |
| 1/26/2022 | 65,625 | 84,375 | $14.87 | 1/25/2032 | As above (11) |
| 1/26/2023 | — | 100,000 | $8.38 | 1/25/2033 | 25% at 1/26/2024; then 6.25% quarterly (12) |
Recent insider equity events (Form 4)
| Date | Type | Shares/Strike | Vesting/Notes | Source |
|---|---|---|---|---|
| 09/09/2024 | Sale | 20,000 @ $9.50 | Open market sale | |
| 01/25/2024 | Option grant | Size not shown here; time-based option | 25% on 01/24/2025; then 6.25% quarterly | |
| 01/22/2025 (filed 01/24/2025) | Option grant | 140,000 @ $4.37; expires 01/21/2035 | 25% on 01/22/2026; then 6.25% quarterly |
Employment Terms
| Term | Outside Change in Control | Change in Control (3 months prior to or 12 months post) | Notes |
|---|---|---|---|
| Severance multiple (cash) | 9 months base salary | 1x (base salary + target bonus) paid over 12 months | Subject to release; restrictive covenant compliance |
| COBRA premium support | 9 months | 12 months | Eligibility and timely election required |
| Equity vesting | None specified | Full acceleration of time-based equity | Applies to time-based awards |
| Restrictive covenants | Non-compete, non-solicit, confidentiality; terms “substantially similar” to CEO’s agreement | Same | CEO’s non-compete: 12 months with 50% garden-leave pay; Bellon’s agreement stated as substantially similar without separate specifics |
| Clawback | Applies per company policy | Applies per company policy | Dodd-Frank compliant |
Compensation Structure Analysis
- Mix trending toward equity: In 2023, Bellon received $614,894 in option grant-date fair value alongside cash comp, consistent with high at-risk equity weighting for R&D leadership .
- Bonus outcomes vs targets: 2023 bonus payout at 70% of target on corporate objectives; target remained 40% of salary .
- No perquisites/gross-ups disclosed for Bellon: “All other compensation” in 2023 was a $3,000 401(k) match .
- Independent compensation oversight: Compensation Committee engaged Pay Governance; committee independence affirmed .
Say-on-Pay & Shareholder Feedback
- As an Emerging Growth Company, Foghorn is not required to conduct advisory say‑on‑pay votes; reduced executive compensation disclosures permitted .
Expertise & Qualifications
- 25+ years in drug discovery; platform-building experience (bromodomain) at Constellation; prior roles at Amgen and Vertex; Ph.D. MIT, B.S. Haverford .
Investment Implications
- Alignment and retention: Robust equity mix, option vesting cadence, and double‑trigger CoC acceleration support retention but create periodic supply from vesting; hedging/pledging prohibitions and clawback policy bolster alignment .
- Near-term selling pressure: Documented 20,000‑share sale (Sept 2024) and ongoing option vest schedules suggest manageable, scheduled supply rather than aggressive disposition; monitor future 10b5‑1 activity and vest events .
- Pay-for-performance: Bonus funding at 70% of target (2023) tied to corporate milestones indicates some performance sensitivity; however, metrics and weightings are not granularly disclosed, limiting external calibration .
- Company fundamentals context: Revenues declined YoY in 2024 with modest EBITDA improvement versus 2023, underscoring the long-duration R&D profile; equity-heavy comp appropriately aligns with multi‑year value creation timelines .